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Selling a Home in Toronto, Ontario



Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale?

These home selling reports will assist you in answering the many questions that arise during the home selling process.  When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal - selling your home fast, and for the best price.

Please contact me if you have any questions about selling your Toronto home.

  

 

Tips for selling your Home

 

 

 

First Impressions

 

Remember what first attracted you to your house when you bought it?

What excited you about it most? When deciding how best to present

your home for sale, it is helpful to try to get back into that buyer’s

frame of mind.

 

A spruced-up house makes a great first impression on potential

buyers. An attractive property grabs their attention and makes them

excited about finding a house that looks and feels well cared for.

Because buyers believe they’ll encounter fewer problems if they buy

it, your house becomes more appealing and stands out from the

competition. So if you prepare your home correctly, you’ll save time

selling it when it’s on the market.

 

A good first impression makes an impact on a number of levels. It’s

not just the way your house looks to potential buyers, but how it feels

and smells to them, how their friends and family will react, how they

imagine it would be to live there.

 

With simple improvements throughout your house, you can grab the

attention of potential buyers and help them see why your house is

right for them.

 
 
Clean Everything
 

 

Buyers expect a spotless house, inside and out, so clean everything,

especially your windows and window sills. Scrub walls and floors, tile

and ceilings, cupboards and drawers, kitchen and bathrooms. Wash

scuff marks from doors and entryways, clean light fixtures and the

fireplace. Don’t forget the laundry room. And put away your clothes.

 
 
Paint

 

A new coat of paint cleans up your living space and makes it look

bright and new. To make rooms look larger, choose light, neutral

colors that will appeal to the most people possible, such as beige or

white.

 
 
Carpet
 

Check its condition. If it’s worn, consider replacing it. It’s an easy and

affordable way to help sell your home faster. Again, light, neutral

colors, such as beige, are best. If you don’t replace it, you can

suggest to potential buyers that they could select new carpet and

you’ll reduce your price; buyers like to hear they’re getting a deal. At

the very least, have your carpet cleaned.

 
 
Repairs and Renovations
 

 

It’s best to avoid making major renovations just to sell the house since

you’re unlikely to recoup those costs in your selling price. Make minor

epairs to items such as leaky faucets, slow drains, torn screens.

 

 

buyers won’t take you seriously if your home improvement efforts look

messy, shoddy, or amateurish.

 

 

Leaks and Moisture

 
 

Water stains on ceilings or in the basement alert buyers to potential

problems. Don’t try to cosmetically cover up stains caused by leaks. If

you’ve fixed the water problem, repair the damage and disclose in

writing to the buyer what repairs were made.  

 
 
In the Yard

 

Grab people’s attention by enhancing your yard and landscaping. If

your house looks inviting and well-maintained from the street, people

will imagine that it’s attractive on the inside, too.

 

 
The Front Door
 

An attractive entry catches a buyer’s eye and says, "Welcome," so

highlight this area of your house with decorative touches, such as a

wreath on the door or new shrubs and flowers around the steps. For

an even grander entry, clean and paint your front door, or replace it

with a new one for a few hundred dollars. Don’t forget to fix and polish

doorknobs, repair torn screens, and then put out that new welcome

mat.

 

 

The Right Listing Price

 
 

When you’re selling your home, the price you set is a critical factor in the

return you’ll receive. That’s why you need a professional evaluation from an

experienced Realtor®. This person can provide you with an honest

assessment of your home, based on several factors, including:

 

Market conditions

 

Condition of your home

 

Repairs or improvements

 

Selling timeframe

 

In real estate terms, market value is the price at which a particular house, in

its current condition, should sell within 30 to 90 days. If the price of your

home is too high, this could cause several things:

 

1.      Limits buyers. Potential buyers may not view your home because it appears to be out of their buying range.

 

2.      Limits showings. Other salespeople may be more reluctant to view your home.

 

3.      Used as leverage. Other Realtors® may use this home to drive the sale of other homes that are better-priced.

 

4.      Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”

 

5.      Lower price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price – sometimes several times. In the end, you’ll probably get less than if it had been properly priced in the first place.

 

6.      Wasted time and energy. A bank appraisal is most often required to finance a home.

 

 

 

 
 

Rent increase Guideline

 

The guideline is the maximum a landlord can increase most tenants’ rent during a year without the approval of the Landlord and Tenant Board.

 

Rent increase guideline for 2020

 

The rent increase guideline is 2.2% for increases between January 1 and December 31, 2020.

The guideline applies to most private residential rental units covered by the Residential Tenancies Act.

The guideline does not apply to:

  • vacant residential units

  • social housing units

  • nursing homes

  • commercial properties

This guideline also does not apply to new buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018.

In most cases, the rent for a unit can be increased 12 months after:

  • the last rent increase

  • a tenant first moves in

A tenant must be given written notice of a rent increase at least 90 days

before it takes effect.

 

Sample Calculation 

 

Your monthly rent was increased to $1,000 on June 1, 2019. The

guideline for 2020 is 2.2%. Therefore:

 

  • an increase of 2.2% on $1,000 = $22.00

  • $1,000 + $22.00 = $1,022.00

 

Your landlord could lawfully increase your rent payment 12 months

later on June 1, 2020 up to $1,022.00 per month

Your landlord would need to provide you written notice at least 90

days before June 1, 2020.

 

 

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